Author: Erin Roberts

Posted on March 13, 2024April 25, 2024 by Erin Roberts

senior couple in kitchen

1. What is a Reverse Mortgage or Home Equity Conversion Mortgage (HECM)?

A Home Equity Conversion Mortgage (HECM) is commonly known as a Reverse Mortgage. HECM is a home-secured loan designed to help homeowners 62 years of age or older turn some of their home equity into cash. You may choose to receive monthly payments, a lump sum of cash, or a line of credit. HECM is insured by the Federal Housing Administration (FHA) and offers all the benefits of a traditional line of credit that you can get from a bank but with additional benefits— including a flexible repayment feature. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, maintenance, and any homeowner’s association (HOA) fees.

2. How much money can I get?

The specific amount of funds available is based on several factors, including the appraised value of your home, your age, current interest rates, and Federal Housing Administration (FHA) lending limits.

3. How do I receive my proceeds from the Reverse Mortgage?

Proceeds from the Reverse Mortgage are tax-free* and can be distributed in a variety of ways based on your choice. Proceeds from the Reverse Mortgage may be taken as:

A lump sum
A Line of Credit
Monthly payments for a specified time period
Monthly payments for as long as you live in the home
Or a combination of these

4. What are the costs associated with a Reverse Mortgage?

In addition to interest, the costs include a title fee, credit report fee, appraisal fee, origination fee, closing costs, mortgage insurance premium, and a modest charge for the Reverse Mortgage counseling. Consult with a Housing and Urban Development (HUD)-approved reverse mortgage counselor before you apply. A counselor can help you decide whether a reverse mortgage or some alternative is the best choice for you. To find a HUD-approved Home Equity Conversion Mortgage (HECM) counselor near you, call (800) 569-4287.

While closing costs vary based upon the size of the loan, they’re the same as those for any traditional mortgage. You can roll most of the up-front costs into the loan, so out-of-pocket expense can be minimized.

* Wheelhouse Credit Union cannot provide tax advice. Please consult a tax advisor.

Posted on February 13, 2024March 29, 2024 by Erin Roberts

Empowering Black Voices in Finance: Six Names You Should Know

KEY TAKEAWAYS:

This month we celebrate Black History and spotlight six financial educators who are making an impact.
From wealth-building to debt reduction strategies, these individuals offer money management guidance that is refreshing and relatable.
Listen, watch, and read what they have to say. They just might inspire you to revamp your budget for the coming year.

Do you have someone you can count on when it comes to financial advice? When talking about money–how we spend it, save it, and in this era of inflation, worry about it—it literally pays to have personal money management guidance.

In celebration of Black history, we’re turning the spotlight on six gamechangers who are simplifying finance and dispelling the taboo around money talk. Read, listen, watch, and learn something new!

1. The Budgetnista

Tiffany Aliche is a former teacher and the author of the New York Times Bestseller Get Good with Money. Combining her passion for both finance and education, Tiffany Aliche partnered with lawmakers in integrating financial education into New Jersey’s middle schools (The Budgetnista Law.) Through her Live Richer Movement, she has empowered women to save more than $350 million dollars and pay down more than $200 million in debt.

2. My Fab Finance

Tonya Rapley is an internationally recognized speaker, best-selling author, and professor at the City University of New York- Guttman Center, leading the development of their financial literacy certificate program. She focuses on helping people make informed financial decisions and started My Fab Finance in 2013 when she realized that “it was time to stop acting like I had it all together and start getting it together.” Tonya was named the “New Face of Wealth Building” by Black Enterprise magazine and selected as a modern History Maker by TV One.

3. Popcorn Finance

Chris Browning wants to teach you something about finance in the time it takes you to make popcorn. His podcast tackles stocks, making your career recession-proof, asking your boss for a raise, and more. Formerly an art major, Chris realized he had a talent and passion for money management and went on to work in the finance industry, as an analyst, bookkeeper, content creator, and producer. His down to earth money tips have been applauded across major media outlets including Forbes and NerdWallet, and he’s interviewed more than 100 financial experts.

4. Make Real Cents

Carmen Perez is the mind behind MakeRealCents, a platform committed to empowering individuals towards financial independence. Carmen specializes in educating millennials and Gen Z on effective money management and wealth-building strategies, imparting insights on topics such as investing, debt reduction, and savings. She’s also the mind behind Much, an app for budgeting and finance management. While her guidance is broad, she has addressed specific financial challenges and offered advice on side hustles relevant to the LGBTQ+ community.

5. BuildingBread

Kevin L. Matthews II, named one of the Top 100 Most Influential Financial Advisors by Investopedia, is on a mission to help individuals plan their retirement. A husband, father, and author of Starting Point: How to Build Wealth that Lasts, Kevin wants others to leave a financial legacy so wealth can be passed across generations. He leads classes and corporate events about investment planning, distilling concepts into plain English so finance feels approachable to people of all ages.

6. The Wealth Playground

Jasmine Paul is the award-winning author of A Boy, A Budget, and a Dream and Granny’s Vintage Camera. She is a certified financial education instructor, speaker, and entrepreneur whose primary focus is making wealth fun and accessible. She’s on a mission to inspire money conversations with children early and often and will be the featured guest on GreenPath’s Real $tories podcast this month where she reflects on her path to homeownership.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

Posted on September 29, 2023March 29, 2024 by Erin Roberts

Today we’re talking about loan alerts. You can set up loan alerts in Digital Banking so that you never miss a loan payment.

To get started, click the “More” tab in the bottom right-hand corner of your Wheelhouse Digital Banking app. Not signed up yet? Learn how to get started with Digital Banking.

Under the “Utilities” section, click “Settings” and then “Alerts”.
Next, click “Accounts”. Use the dropdown menu to select the account that you would like to setup alerts for.
Then, the different alerts that you can enable for your accounts will be listed, but today we’re focusing on loan alerts. Loan alerts will notify you when you have an upcoming or past due loan payment. You can specify the number of days before or after your loan payment due date that you would like to receive the alert. You can also choose the method of delivery, email or text message.

Once you click “Save”, you’re done! And your loan alerts are set up and ready to go.

If you have any other questions that you’d like us to answer, feel free to give our Phone Branch a call or visit our website and we’d be happy to help.